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 Posted: Fri Feb 01, 2008 12:34 pm Subject: I am losing money every paycheck
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I have 4 payday loans and I cant pay them off! I am losing money every paycheck and I cant get out of this mess. Can you guys help? Im in the state of WA
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edgiesanchez
Joined: 01 Feb 2008
Posts: 1
Debtcc Points: 88
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Posted: Fri Feb 01, 2008 12:38 pm Subject:
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List for us who your lenders are, amount borrowed, amount in total paid to each , are they internet or store front.I will post your state laws
| Quote: | Washington State Information
Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)
Citation:
Wash. Rev. Code Ann. ยง 31.45.010 et seq.
Loan Terms:
Maximum Loan Amount: $700
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time.
Rollovers Permitted: None (cannot repay loan with proceeds of another)
Cooling-off Period:
Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan.
Collection Limits:
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Washington Department of Financial Institutions
Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
Phone: (360) 902-8700
Fax: (360) 725-7827
Regulatory Contact: Chuck Cross,, Director of Consumer Services
Regulator Website
http://www.dfi.wa.gov/ |
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Feb 01, 2008 3:34 pm Subject:
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Please post the info that you messages me here on this thread
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Feb 01, 2008 4:05 pm Subject: PAYDAY LOANS
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Here are the companys you wanted me to list with the amount borrowedCheck N Go 610.00 Finance Charge - 86.00Check Mate 400.00 Finance Charge - 60.00Check into cash 375.00 Finance Charge - 56.25Allied Cash 600.00 Finance Charge - 85.00 Please let me know if you need anymore info. They are all instore.
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EDGIE
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Debtcc Points: 100
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Posted: Fri Feb 01, 2008 4:29 pm Subject:
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Hi Edgie...thanks for posting that info.
So you have all in-store PDL's and it looks like you probably re-loan when you go in to pay them off.
You can ask them for the EPP (extended payment plan) which will allow you to pay off the loan in 4 installments. This is something you would need to go into the pay day lender to ask for no later than 2 business days before the due date of your payment.
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volleyballmom
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Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Posted: Fri Feb 01, 2008 5:29 pm Subject: Payday
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There is no way I can consolidate them as I am in the whole and cannot make payment plans with all of them every check.
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EDGIE
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Debtcc Points: 100
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Posted: Fri Feb 01, 2008 5:31 pm Subject: Payday
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Thats the only way I can get rid of this debt is to consolidate and have one payment.. There is exactly no way I can afford to do a payment plan with one company and keep reloaning with others.
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EDGIE
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Debtcc Points: 100
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Posted: Fri Feb 01, 2008 11:46 pm Subject:
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Hi Edgie I am not sure about consolidation on payday loans but some of the people here have used langhorne and town and country. You can do a search in the box at the top of the page about both of these companies then see if it is right for you. Good luck.
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stargzr
Joined: 26 Nov 2007
Posts: 270
Debtcc Points: 2690
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